Uncovering Colonial Penn's Terrible Life Insurance Scam

Colonial Penn is a life insurance company that has for years advertised that their $9.95 plan is a great option for seniors to get to cover their final expenses and not burden their loved ones with having to pay for that. The sad truth is that this insurance plan provides very little coverage and leads most seniors into a false sense of security and their loved ones have to pay the bills once they pass on.

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[rightwingsafetysquad]

I mentioned this to my grandfather once. He worked in property liability insurance for 55 years. The amount of profanity he used to express how he felt about Colonial Penn would make a Scotish sailor blush. Management of Colonial Penn are worse than Bernie Madoff or any scam exposed by Shafer or Coffeezilla.

[doesntmatter]

I looked in Colonial about 5 years ago for my mom.
Found out in less the 10 minutes that this company is about as worthless as pocket lint!!

[normanwhite]

About a week ago it was reported that Tom Selleck might have to sell his ranch after Blue Bloods goes off the air because he won't be able to afford it. I'm thinking, "Hey Tom, why don't you do that reverse mortgage thingee you used to talk about?"

[joanpalko]

I worked for Colonial Penn Insurance years ago in the Claims Dept. Just about every claim was denied due to "pre-existing conditions". Very rarely did they honor a claim. Knowing this I would never have life insurance from these scammers.

[CuriousMisterG]

I learned at a young age that many of the commercials selling things i see, or have seen as a kid were usually some kind of scam.

[bigcat]

Any life insurance ad that doesn't tell you the limit of liability for the price you're offered should be ignored immediately.

[fwytopj]

My mother had a policy with this company for a number of years. She paid in over $12, 000 dollars 💵 in premiums and when she passed the family only received $5, 500 dollars in benefits.

[aviator]

As a funeral director I stopped taking assignments on Colonisl Penn. I once had to engage our state DOI in order to get paid after waiting 12 weeks. Once DOI got involved they Fed Exed a check overnight. At that point we stopped taking assignments on their policies.

[kennyadvocat]

Colonial Penn commercials have been spamming the TV for over 40 years. Seems they spent more on advertising that actually covering people's claims.

[steve]

My grandmother has like 4 policys with them. I told her shes better off putting the monthly payment into a pickle jar but she wont listen to me

[derfzus]

I learned a good while back in researching that the $9.95 was the cost of a 'unit' of benefit which depended upon your age. Mr Lawson should be ashamed of himself for pitching the scam.

I don’t understand how the government is letting them get away with this. Reverse mortgage scams, another one in the auto industry car shield. Etc.

[DataJuggler]

The other scam targeted mostly at seniors is those commemorative coins. My grandfather in his 80's and 90's would see an add on TV, and order it. He couldn't go anywhere since he stopped driving, and had plenty of money. This coins were $25 for two quarters in a tiny cardboard case. In his back bedroom, we found about two dozen boxes of these coins, all the same. A coin dealer told me they were worth exactly the .50 cents for the two quarters, maybe a $1 retail because of the "case". That company had to know it was an old man who didn't know what he was really buying. Senior abusers are the worst kind of scum.

[FormulaJRay]

I always remember the Colonial Penn commercials playing during the Price is Right.

[randycarman]

Old Jonathan makes a half million dollars a year duping seniors into this scam. Shame on him

[stanyoung]

I just turned 80 yesterday and have no life insurance as I have always considered any plan (let alone the Colonial Penn Scam) to be a poor investment. I do have a sizable estate that should take care of a modest funeral and leave plenty left over for my heirs. If I were a senior with no money, I would not buy insurance, I would tell my heirs to call the Coroner when I die, don't send me to a funeral home and decline to take the body. I will be dead and won't care. The county will dispose of the body. Then I would start putting $10 (round up) into a coffee can and tell my heirs to either split it up or if they are feeling sentimental about me, have a party in the back yard and use the money in the can to buy booze.

[daveh]

So glad you made this video. At 69 I went to their page and found out my insurance at 9.95 a month would only cover around $700. That's when I decided never to use Colonial Penn for life insurance.

[JollyRoger]

My grandfather passed last year 91 years old and I was spending alot of time with him and they do definitely target seniors watching their favorite TV shows with these type of ads. Saw this exact colonial penn ad with him, he was always very sharp up until the end and called them out saying it was all BS when he heard the "Three P's " in the ad. Thank you for taking the time to address how much of a scam this is, I feel like it should be illegal to take advantage of the elderly like this.

[thegray]

Every single television company that broadcast their ads are as guilty as Colonial Penn.

[greensarah]

This is why I was never a fan of Alex Trebek; I always thought that he was a sell-out and/or was using his fame to scam seniors. Despite Trebek's overwhelming popularity, I never cared for him and this is why. As always, this is a great video, thank you!